Missives

Reviewing a life insurance policy held in an irrevocable life insurance trust (ILIT) is a complex, and often thankless, task for the trustee of that Trust.

Communicating with the IRS is never fun. Relying on the mail to effect those communications comes with other risks, including the IRS’s position that it never received the communication.

Attorneys and trust officers are now becoming more familiar with the possible use of a nonjudicial settlement agreement to expedite the administration of a Trust or to resolve minor disputes.

To sound like a ‘broken record,’ now is a good time to start to talk to individuals about using their bonus applicable exemption amount before it disappears in 2026.

Due to the high capital gains taxes faced by art collectors when they sell artwork, deferring capital gains taxes should be seriously considered using a charitable trust.

It is not clear if a plaintiff’s cause of action for the tortious interference with an inheritance, expectancy, or a gift is viable in Michigan Courts.

In the past year or so, the pendulum seems to be swinging away from ESG investing, but questions remain with regard to a trustee’s fiduciary duties, especially when the trustee is pressed by trust beneficiaries to pursue an ESG investment strategy.

A widow, or widower, who receives an inheritance from a deceased spouse, even if covered by the unlimited marital deduction, could find themselves paying federal estate taxes, in their capacity as a transferee of the decedent’s estate.

While it is easy to create a Trust that complies with the Michigan Trust Code, there is no assurance that the Trust will be respected for federal tax purposes.